0001|                    HOUSE JOINT MEMORIAL 54
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                           RICK MIERA
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                        A JOINT MEMORIAL
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0012|     REQUESTING THE LEGISLATIVE FINANCE COMMITTEE TO STUDY THE
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0013|     EFFECTS OF ECONOMIC DEVELOPMENT PROGRAMS ON THE STATE OF NEW
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0014|     MEXICO.
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0015|     
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0016|       WHEREAS, state and local tax revenues continue to fall
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0017|     short of anticipated proceeds and of state and local government
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0018|     expenditure needs; and
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0019|       WHEREAS, reduced state and local government tax revenues
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0020|     impact the delivery of government services to the communities of
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0021|     New Mexico; and
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0022|       WHEREAS, during this same period of government revenue
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0023|     shortfalls, New Mexico is experiencing exceptional and rapid
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0024|     growth, which is impacting our resources, our culture and the
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0025|     affordability and overall quality of the lives of our people;
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0001|     and
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0002|       WHEREAS, economic development incentives, such as
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0003|     industrial revenue bonds, the New Mexico investment tax credit
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0004|     and the double-weighted sales factor for corporate income tax
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0005|     calculation, have the effect both of reducing government
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0006|     revenues and of contributing to growth and growth-related
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0007|     problems; and
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0008|       WHEREAS, the benefits of the economic incentives have been
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0009|     restricted almost entirely to transnational world-class
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0010|     corporations while New Mexico-based home-grown companies
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0011|     continue to pay property taxes and pay corporate income taxes at
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0012|     higher effective rates than non-New Mexico-based firms; and
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0013|       WHEREAS, in the case of industrial revenue bonds, small
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0014|     local governments now make decisions, which can seriously impact
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0015|     state revenues with no consideration of the overall impacts on
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0016|     the state, its citizens or on other communities within the state
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0017|     and often with little or no community input or participation;
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0018|       NOW, THEREFORE, BE IT FURTHER RESOLVED BY THE LEGISLATURE
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0019|     OF THE STATE OF NEW MEXICO that the legislative finance
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0020|     committee conduct an in-depth study of the current state
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0021|     economic development incentives and their effect on New Mexico
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0022|     and its resources, residents and cultures with full public
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0023|     participation; and
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0024|       BE IT FURTHER RESOLVED that the legislative finance
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0025|     committee make recommendations to the legislature by December 1,
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0001|     1996 to further the growth of local, home-grown business, to
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0002|     assure that growth and public participation issues are addressed
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0003|     in all development incentives offered to business and to protect
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0004|     government revenues, our resources and our people; and
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0005|       BE IT FURTHER RESOLVED that copies of this memorial be
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0006|     transmitted to the members of the legislative finance committee.
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0007|                               - 3 -                       State of New Mexico
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0008|                    House of Representatives
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0009|   
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0010|                    FORTY-SECOND LEGISLATURE
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0011|                      SECOND SESSION, 1996
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0012|   
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0013|                                              February 8, l996
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0014|   
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0015|   
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0016|   Mr. Speaker:
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0017|   
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0018|       Your RULES AND ORDER OF BUSINESS COMMITTEE, to
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0019|   whom has been referred
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0020|   
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0021|                    HOUSE JOINT MEMORIAL 54
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0022|                                 
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0023|   has had it under consideration and finds same to be
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0024|   GERMANE in accordance with constitutional provisions.
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0025|   
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0001|                                Respectfully submitted,
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0002|   
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0003|   
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0004|                                <u>                                 
</u>    |
<u></u>0005| <u>   
</u>    |
<u></u>0006| <u>  </u>                            Barbara A. Perea Casey,
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0007|   Chairperson
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0008|   
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0009|   
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0010|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0011| <u>  </u>
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0012|            (Chief Clerk)                       (Chief Clerk)
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0013|   
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0014|                      Date <u>            </u>
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0015|   
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0016|   The roll call vote was<u> 9 </u> For<u> 0 </u> Against
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0017|   Yes:          9
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0018|   Excused: Knowles, Lujan, Nicely, Ryan, J. G. Taylor, Wallach
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0019|   Absent:  None
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0020|   
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0021|   HJ054RC1
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